Week ending 11/19/11
Tape bombs in CVX and RIG cost me approx 4k. I was torn between holding the pairs with them and decided it was not worth the overnight risk given what happened to BP when they had the gulf pipeline leak. The only thing I regret is not waiting for dead cat bounce to get out. Oh well, looking at the spreads closing prices on Friday, would have recouped 2k on RIG pair but lost an additional 2k on CVX one. I did the right thing in my mind. Maybe in the future I will consider holding half for pullback next day, puking half on dead cat bounce.
Another 3500 draw on basket strat. That is 2 weeks in a row but still up overall. All part of any successful strategy and I am still optimistic that there is something there.
ES trading is getting better and better, +2500 this week trading 3 contracts/trade. Dead on with my targeted weekly P/L for it. I feel good going forward but need to stay hyper focused with disciplines. As f'd up as this sounds, trading ES intraday is actually keeping me super disciplined on pairs cause I am not trying to micro manage them.
Thanksgiving week could be interesting. The so called "super" committee could really botch this deadline. 3 months to get something completed and it is not looking promising at all. We all know the definition of insanity right? Typically holiday weeks are bullish and the breakdown of the ES daily wedge on Thursday could help that case for retracement. However, I will be on alert Wednesday and will be trading Friday without a doubt.